- IMF blocks Pakistan’s mining push
- Thailand firm goes full Bitcoin
- Tether expands energy-backed mining
- Erebor bank spooks the sector
- Treasury hype triggers red flags
Pakistan just got kneecapped by the International Monetary Fund. The country’s Senate Committee approved a proposal to mine Bitcoin as a national strategic asset, backed by local hydroelectric power. But the IMF was not having it. As soon as the proposal made headlines, the fund swooped in and forced the government to walk it back. The finance minister admitted that the proposal was withdrawn due to conditions placed by the IMF. You can talk about energy all you want, but as soon as Bitcoin enters the conversation, the gloves come off.
Meanwhile, Tether is back and doing something surprisingly on brand. They are launching a new Bitcoin mining operation in partnership with an energy company. Local power. Local energy. Local production. Tether has the cash and they are using it to build something real. That makes more sense than half the centralized stablecoin drama out there.
Now for the weird part. Erebor is not a Tolkien reference anymore. It is the name of a real bank. Funded by Peter Thiel, (of Palantir) and structured like a fortress. They are calling it Erebor. And the name: Erebor. If you know the lore, you know this is not a joke. This is symbolic capital. This is industrial aesthetic with a surveillance engine behind it. You are watching the mythology of finance evolve right in front of you.
Finally, there is the froth. Treasury hype is boiling over. Bitcoin holding companies are popping up like mushrooms after rain. Many of them are well intentioned. Some are just chasing the pump. But make no mistake. The narrative is hot. Too hot. And when it gets too hot, people make mistakes. They over leverage. They issue notes they cannot cover. They ride the trend too far and then they crater. You have seen it before. So have I.
Be careful out there.
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